SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: January 10, 1997
(Date of earliest event reported)
LIDAK PHARMACEUTICALS
(Exact name of registrant as specified in its charter)
CALIFORNIA
(State or other jurisdiction of incorporation)
0-18734 33-0314804
(Commission File Number) (IRS Employer
Identification No.)
11077 North Torrey Pines Road, La Jolla, California 92037
(Address of principal executive offices) (Zip code)
(619) 558-0364
(Registrants telephone number, including area code)
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Item 5. OTHER EVENTS
A total of $13.5 million of Convertible Notes ("Notes") were
originally issued by the Company as part of a private placement
to institutional investors in November 1995, December 1995 and
January 1996. The $13.5 million original principal amount of the
Notes was convertible into an aggregate maximum of 5,513,018
shares of the Company's Class A Common Stock at the option of the
holders, with each individual note limited to a pro-rata amount
of such number of shares. Through December 1996, the Company had
issued 5,511,680 shares of Class A Common Stock pursuant to the
Notes.
On January 10, 1997, the Company issued 1,338 shares of its
Class A Common Stock in connection with the conversions of
$2,322 in principal amounts of Convertible Notes ("Notes")
resulting in an aggregate issuance of 5,513,018 shares of stock
to date pursuant to the Notes. As a result of this transaction,
the noteholder reached their pro-rata portion of the maximum
share limitation as described above. On January 10, 1996, the
Company repaid $1,635,810 representing $1,297,678 of original
principal, and $338,132 of premium and accrued interest to such
noteholder pursuant to the terms of the Notes thus retiring the
entire balance of the principal and interest on the Notes. The
Company has no further obligation under the Notes.
SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly
authorized.
LIDAK PHARMACEUTICALS
Date: January 15, 1997 By:/s/David H. Katz
------------------------------
President and Chief Executive
Officer
